March 14th 2020 - Bill Gates steps down from The Microsoft Corporation board of directors to become a full-time philanthropist. This will likely lead to increased activity for The Bill and Melinda Gates Foundation which spends several billion dollars of Gates' fortune each year. - File Photo by: zz/PBG/AAD/STAR MAX/IPx 2017 9/20/17 Bill Gates at The Bill and Melinda Gates Foundation's Goalkeepers Conference 2017 at Jazz at Lincoln Center in New York City. (NYC)

Bill Gates Transfers $20 Billion to Foundation, Doesn’t Want to Remain in the Top Ranks of World’s Wealthiest

Bill Gates is transferring $20 billion of his riches into the subsidy for an organization that he and Melinda have tirelessly worked on since their early years together, which will now be able to spend more money in response to global issues such as pandemic outbreaks or conflicts overseas.

The foundation, one of the largest philanthropies in the world, wants to heighten its payouts by 50% above pre-pandemic levels. They currently stand at almost $6 billion per year but hope that number will grow to $9 billion by 2026.

It is mainly setting its efforts on charitable giving that’s targeted at upgrading worldwide health, gender equality and education, and other matters at hand. 

The business magnate and his former wife, Melinda French Gates, both promised to hand out most of their riches to the foundation they built together 20 years previously and other different philanthropic initiatives. 

Read Also: Tesla Executive Elon Musk Fathered Twins in 2021, Says Reports

The pair revealed their divorce in May 2021, announcing they would continue to team up as co-chairs within the two-year trial. After that period, French Gates can decide to quit or be given a payout from her ex-partner, who would still be in charge of the foundation. 

Bill Gates is now the fourth wealthiest person in the world, with a net worth estimated at about $144 billion. Most of his fortune comes from shares of Microsoft. 

But he has no plans to stay at the top forever.

“I will move down and eventually off of the list of the world’s richest people,” Gates said in a blog post on Wednesday. 

“I have an obligation to return my resources to society in ways that have the greatest impact for improving lives. I hope others in positions of great wealth and privilege will step up in this moment too.”

Read Also: IKEA Eyes London Spending Spree as It Opens First High-Street Mall and Store in the UK


Opinions expressed by Famous Times contributors are their own.